11.08.2022
KPMG Cyprus has announced the release of the RICS Cyprus Property Price Index jointly with KPMG Cyprus for the second quarter of 2022.
On behalf of KPMG in Cyprus, Christoforos Anagiotos, Head of the Real Estate Group, stated:
“The second quarter of 2022 shows a continued upward trend in property values with notable increases in Larnaca and Famagusta. Apartments performed best, with notable increases in value, while retail and warehouses saw marginal decreases in value. In the Limassol area, zero change was recorded, which probably indicates a stabilization of the values. Rising construction costs along with rising inflation remain issues that are expected to impact the real estate sector as a whole.”
On behalf of RICS, Simon Rubinson, Chief Economist at RICS, commented:
“For now, the economy remains relatively resilient, although the central bank’s recent cuts to growth forecasts point to the inevitable challenges posed by rising energy prices. However, the response from respondents to the recently released RICS Commercial Property Monitor has continued to be quite positive in terms of sentiment and this is also reflected in the latest price data which shows a rise in value across much of Cyprus. It is noteworthy that in both cases, housing and first-class offices are still considered the most effective.”
